Financial services, along with law and market research, are the top three industries that will be first to feel the effects of GenAI implementation, with Morgan Stanley, Bank of America and Northwestern Mutual among the most “notable” companies affected, according to a report. Generative Artificial Intelligence and the World of Workby the Society for Human Resource Management (SHRM) and the Burning Glass Institute.
For CIOs in these areas, this may mean that there will be fewer employees with technology needs to organize and supervise; however, there will be new and different challenges in the forms of implementation and management of AI tools and their different roles within the organization.
For financial services in the near term, generative AI will enable increased automation of financial analysis and reporting, improved risk mitigation efforts, and optimization of financial operations, according to a report, The implications of generative AI in financeby the consulting firm Deloitte.